Jb Foods Ltd. · SGX:BEW
Jb Foods — Shareholder Meeting (April 2024)
29 slides from Jb Foods's shareholder meeting presentation, Apr 24, 2024
Slide 1: 12th Annual General Meeting
JB Foods Limited 12th ANNUAL GENERAL MEETING 24 April 2024
Slide 2: Disclaimer
Disclaimer Certain information and statements made in this presentation contain “forward-looking statements”. Such forward-looking statements can be identified by the use of forward- looking terminology such as “anticipate”, “believe”, “considering”, “depends”, “estimate”, “expect”, “intend”, “plan”
Slide 3: Outline
Outline ► Cocoa Bean Price Trends Pg. 5 ► Cocoa Bean Grinding and Production Statistics Pg. 7 ► Introduction of JB Foods ► Milestones Pg. 9 ► Group Structure Pg. 11 ► Our Products Pg. 12 ► Our Presence Pg. 13 ► Business Performance Review ► Financials Pg. 14 to 22 ► JB Foods Strength, Expansion & St
Slide 4: Cocoa Bean Price Trends
Cocoa Bean Price Trends 4
Slide 5: Bean Prices (USD/MT) – 1959 to 2024
Bean Prices (USD/MT) – Bean Prices (USD/MT) – Jan 2022 to Apr 2024 1959 to 2024 (Past 65 yrs) (Past 3 yrs) – USD2500 to USD10,000 Sharp increase in cocoa bean prices due to shortage of cocoa bean arising from unfavorable weather conditions. ► 10-year CAGR of 10.5% Cocoa bean prices increase from USD
Slide 6: Cocoa Bean Grinding & Production Statistics
Cocoa Bean Grinding & Production Statistics 6
Slide 7: Cocoa Bean Grinding & Production
Cocoa Bean Grinding & Production 5200 4700 4200 Drop in cocoa bean crops resulting from unfavorable weather conditions 3700 3200 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Year ('000 MT) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Cocoa
Slide 8: Introduction to JB Foods
Introduction to JB Foods JBKcou onlin = ie] JBCOCOA al 8
Slide 9: Key Milestones
Key Milestones 2000 to 2010 2011 to 2017 2018 to 2023 2024 and beyond • Laying foundations; • Scale operations • Establish global presence • Building capacity penetrating the market as a • Expand capabilities • Begins sustainability efforts, and • Enhancing new player with a new brand • Grow global
Slide 10: Key Milestones
Key Milestones 2000 to 2010 2011 to 2017 2018 to 2023 2024 and beyond • Laying foundations; • Scale operations • Establish global presence • Building capacity penetrating the market as a • Expand capabilities • Begins sustainability efforts, and • Enhancing new player with a new brand • Grow global
Slide 11: Group Structure
Group Structure JB Foods Limited JB Foods Global JB Sourcing CI JB Cocoa CI JB Cocoa AG JB Cocoa Sdn Bhd JBC Europe OU Pte. Ltd. (Switzerland) (Malaysia) (Estonia) (Côte D’Ivoire) (Côte D’Ivoire (Singapore) JB Cocoa Holding JB Cocoa Foods Inc. (China) Co Ltd (USA) (China) JB Cocoa Trading PT Jebe Tr
Slide 12: Raw Materials & Our Products
Raw Materials & Our Products Cocoa Beans More than 90% of our revenue is derived from Cocoa Powder & Cocoa Butter Cocoa Mass Cocoa Butter Cocoa Powder 1 2
Slide 13: Global Presence
Global Presence Over the years, JB Cocoa has honed its capability to develop and customise cocoa ingredient products to meet the varying and exacting requirements of globally diversified customers. With its technical know-how, product expertise, proprietary blending methods and compliance with high
Slide 14: Business Performance Review
Business Performance Review 14
Slide 15: Financial Highlights ― At A Glance
Financial Highlights ― At A Glance ► Higher in revenue mainly due to (In US$'000) FY2023 FY2022 Y-on-Y Change growth in shipment volume and Revenue 595,786 509,630 16.9% higher ASP due to increase in cocoa EBITDA 24,615 33,580 -26.7% bean price PAT 1,895 16,684 -88.6% ► The drop in EBITDA due to MTM
Slide 16: Sales by Region/Country
Sales by Region/Country 2023 2022 2021 2020 2019 ► USA, China and Russia, remains Revenue USD'000 USD'000 USD'000 USD'000 USD'000 our top 3 revenue contribution, America 109,472 18% 120,432 24% 81,224 18% 94,287 23% 94,277 27% and with those multi-national USA 80,362 13% 90,391 18% 62,351 14% 73,757
Slide 17: Revenue Growth – 15-year CAGR of 11.7%
Revenue Growth – 15-year CAGR of 11.7% Revenue (USD'm) 595.8 509.6 448.8 Consistently growth in 417.8 revenue as JB Cocoa 352.5 has established long- 327.1 300.6 295.6 standing partnership 226.5 with the MNC 215.8 218.7 189.5 194.8 customers. 157.6 113.6 2009 2010 2011 2012 2013 2014 2015 2016 2017
Slide 18: Profit Before Taxation – 2009 to 2023
Profit Before Taxation (“PBT”) – 2009 to 2023 PBT (USD'm) Pandemic Covid-19 and supply chain 34.1 31.7 disruptions Consolidation of cocoa 20.9 players & oversupply of 22.5 18.4 19.3 16.9 cocoa grindings 16.9 13.8 8.0 4.4 2.4 1.5 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2
Slide 19: JB Foods Banking Trade Facilities
JB Foods Banking Trade Facilities 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil USD'mil Banking Facilities 64.7 78 109.5 113.4 115 130 150 199.8 223 235.9 264.1 281.6 272.8 Utilisation
Slide 20: Profit and Loss Analysis
Profit and Loss Analysis (In US$'000) FY2023 FY2022 Y-on-Y Change Notes Explanatory Revenue 595,786 509,630 86,156 17% N1 Cost of sales (555,464) (461,481) (93,983) 20% N2 N1 Higher shipment volume and increase in ASP due to higher cocoa bean prices. Gross profit 40,322 48,149 (7,827) -16% N2 GP mar
Slide 21: Balance Sheet Analysis
Balance Sheet Analysis Dec' 2023 Dec'2022 Dec' 2023 Dec'2022 Extract of Balance sheet USD'000 USD'000 Variance- #DIV/0! Extract of Balance sheet USD'000 USD'000 Variance Current liabilities (514,859) (258,263) (256,596) 99% Non-current assets 137,621 123,423 14,198 12% Trade payables (48,545) (26,74
Slide 22: Cash Flow Analysis
Cash Flow Analysis FY23 FY22 Extract of Cash Flow Statement USD'000 USD'000 Changes Explanatory Operating cash flows before Increase mainly relates to the payment of the working capital changes 24,656 33,945 (9,289) purchases of inventory due to higher cocoa bean Changes in working capital (65,797)
Slide 23: Competitive Strengths & Strategies
Competitive Strengths & Strategies 23
Slide 24: Competitive Strengths
Competitive Strengths Loyal and supportive ► F&B multinational corporations, such as Mars, Nestle, Mondelez and Hersheys Group, which are our long international customer base standing customers ► Efficient and nimble decision making ► Attuned and adaptive to industry trends and market Strong Key Man
Slide 25: Growth Strategy
Growth Strategy JBCOCOA
Slide 26: Our Growth Strategy
Our Growth Strategy Sustainable Growth ► Strengthen our Sustainable bean sourcing team and activities in Procurement country of origin ► Focus on cost efficiency and optimise plant utilisation Operations & ► Energy conservation, waste optimisation and carbon footprint Environmental reduction ► Cauti
Slide 27: Key Takeaways
Key Takeaways JBicou : 27 JBCOCOA
Slide 28: Key Takeaways
Key Takeaways ► Cocoa terminal prices remains volatile (weather, crops yield, supply & demand from grinding and consumptions). Cocoa bean prices are the pass-through costs for our business model. ► Shortage of the cocoa supply due to unfavorable weather conditions . Despite this challenging period,
Slide 29: Annual General Meeting Shareholders Presentation (26 April 2023)
JB Foods Limited ANNUAL GENERAL MEETING Shareholders Presentation 26 April 2023 29